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COSU Statement - Friday 7th June

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Shrimper said:
The debt is, what, £400k +?

You're going to need a lot of people chipping in for that but it's not on the fans to clear it. It's on Ron
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The idiot Ron has already stated he won't be paying it He hasn't got a pot to pass in So either some kind benefactor comes up with the cash which won't happen Just got to hope the council agrees to Ron's offer or we are stuffed.
 
“Plans to build housing on Roots Hall have scuppered the takeover “

Erm not quite correct Mr Sun - do your research properly (or should that be DD? )
 
Dutch Branch said:
Just caught up on an excellent note posted by All at Sea FanZine. One thing I will add though is that if PG Services form part of the petition. Why are they doing so if they already have security against their loan. Good note

https://twitter.com/x/status/1799928169048498503
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Yeah I queried that on another thread - I think they might have a personal guarantee from Ron, probably unsigned, similar to the trust. But I'd be intrigued to know if and on what they have security - and if so why they haven't enforced it?
 
At least that is a small crumb of comfort All all of us need now is for Ron and the council to finaly agrre a deal for fossetts farm The concortium to finaly get the club so it can move forward .With a brighter times ahead .
 
Shrimper said:
The debt is, what, £400k +?

You're going to need a lot of people chipping in for that but it's not on the fans to clear it. It's on Ron
Click to expand...
The problem is, if we like it or not COSU have agreed to pay those debts as part of the takeover so RM is never going to pay anything. Everyone knows this but Stewarts are trying their luck anyway that they might be the money earlier. If COSU pay them then every other Creditors will want theirs paid straight away.

Personally I think COSU should call Stewarts bluff and say you either remove the WUP and you will get paid like it was agreed once the take over is complete or you get nothing and we buy the club out of administration.
 
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defender05 said:
The problem is, if we like it or not COSU have agreed to pay those debts as part of the takeover so RM is never going to pay anything. Everyone knows this but Stewarts are trying their luck anyway that they might be the money earlier. If COSU pay them then every other Creditors will want theirs paid straight away.

Personally I think COSU should call Stewarts bluff and say you either remove the WUP and you will get paid like it was agreed once the take over is complete or you get nothing and we buy the club out of administration.
Click to expand...
That's only £80.00 each for 5,000 of us.
I thought the total debt was way higher than that.
 
One would now assume that the WUO represents an amount in the region of £1m plus 🤦‍♂️ and that doesn’t include the other legal debt of £400k.
 
defender05 said:
Personally I think COSU should call Stewarts bluff and say you either remove the WUP and you will get paid like it was agreed once the take over is complete or you get nothing and we buy the club out of administration.
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If the winding up order is made we wont go into administration. A liquidator is appointed to sell any remaining assets and dissolve the company.
 
40yearsafan said:
If the winding up order is made we wont go into administration. A liquidator is appointed to sell any remaining assets and dissolve the company.
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May be wrong, but the Club could choose to go into Administration before the Winding Up Petition is heard later in the month. In the event all isn't settled, would that be a better option than being liquidated ?
 
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